The sentiment is obvious, and the mood has been the same 'blahness'. I don't agree with the current sentiment, but I understand it.
I found the below perspective interesting.
The Euro has declined over 5% in two weeks. This should translate to better info on the EU PMI front.
Similar set up for the treasury. IMO, the yield signals the safe-haven play.
Two indicators that act as safe havens are suggesting the market is at a heightened level of fear, similar to where we were prior to the ECB's willingness of intervention, structural reforms, support from the EFSF, ESF and IMF, and a mechanism allow for country exits from the EU.
The data, in relation to the current macro conditions, does not jive with me. (But I have been trading like shit these past few months, so I currently suck.)
The SP500 seems to want to touch its 150SMA.